Northeast Kingdom

Herb Swanson / swanpix.com

Bill Stenger, one of two partners in an alleged fraud of foreign investors in Northeast Kingdom development projects, has settled with the federal Securities and Exchange Commission, according to court documents.

Quimby Country Facebook page

Earlier this year, the board of directors of Quimby Country decided to close the 122-year-old Northeast Kingdom destination. Now, a newly-elected board says the place that bills itself as “Vermont’s oldest sporting camp” will reopen in 2017.  

Rebecca Sananes / VPR

A nearly 200-year-old schoolhouse has been moved back to its original site in the Orleans County town of Brownington. The historical move on Monday was powered by a team of oxen — in honor of the many buildings in New England that were moved by the sturdy animals.

Angela Evancie / VPR file

State officials are scrambling to secure legal residency for the foreign investors caught up in one of the biggest alleged frauds in Vermont history. But they say federal immigration authorities aren’t cooperating. 

Amy Kolb Noyes / VPR

There’s a big construction project underway in the Northeast Kingdom town of Greensboro, at the corner of Hardwick Street and Center Road. The building is just taking shape, but it already seems somehow uniquely Greensboro. It’s a large barn-like structure, with what looks like an oversized drum sprouting out of the center.  

Artaxerxes / Wikimedia Commons

Want to buy a newspaper? The Hardwick Gazette could be yours for the low price of $175 and a winning 400-word essay. 

Emily Alfin Johnson / VPR

Around 400 people were at Burke Mountain this Memorial Day Weekend celebrating the planned fall opening of the Burke Hotel and Conference Center.

Vermont Sen. Patrick Leahy says recent federal fraud charges have shaken his confidence in what was once praised as the most successful EB-5 project in Vermont.

Tony Sutton, an EB-5 investor, is suing the State of Vermont for being complicit in multi-million-dollar fraud allegedly perpetrated by those in charge of Jay Peak.
Lisa Rathke / AP

Many foreign investors in Jay Peak’s EB-5 developments are scrambling in the wake of charges that the resort orchestrated a massive securities fraud with their money. But it’s more than just money riding on the outcome for some investors.

Amy Kolb Noyes / VPR

This week, new form-based zoning regulations went into effect in Shelburne. It’s a concept the town has been studying for over five years, in an effort to fight sprawl on Route 7.

Steve Legge / AP file

The business executive running two Northeast Kingdom ski resorts involved in a federal fraud investigation says both businesses have enough money to stay viable for the time being.

Ric Cengeri / VPR

Two weeks ago, shockwaves struck the Northeast Kingdom. The offices of Jay Peak and Q Burke were raided because of alleged improprieties involving the misuse of EB-5 funds.

So how has the news affected the psyche and the economic hopes of the region?

Taylor Dobbs / VPR

Gov. Peter Shumlin and his top commerce official visited Jay Peak Wednesday to ease concerns about the future of that resort as well as Q Burke and other developments in the area funded by the federal EB-5 program.

Taylor Dobbs / VPR

Allegations of fraud at multiple developments in the Northeast Kingdom have raised major questions about the future of those projects and the jobs they were supposed to create, and Northeast Kingdom residents weren't the only ones counting on those jobs. For foreign investors who used the federal EB-5 program to fund the projects and pay their way into the United States, the alleged fraud could jeopardize their immigration status.

A downtown Newport development project is in doubt following fraud allegations against the project developers. State and local officials met this week to talk more about the project's future but few answers were found.

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Of all the alleged EB-5 frauds perpetrated by Bill Stenger and Ariel Quiros, none was as grand in scale as the case of AnC Bio. 

Rebecca Sananes / VPR

The fate of a proposed redevelopment project in downtown Newport – halted since March – is now even less clear following allegations of fraud against two Northeast Kingdom developers, Bill Stenger and Ariel Quiros.  

Courtesy of Vermont Department of Financial Regulation

The bombshell allegations last week surrounding development projects in the Northeast Kingdom point to a $200 hundred million scheme to defraud investors. On the next Vermont Edition, Vermont's top financial regulator Commissioner Susan Donegan explains what happened at Q Burke and Jay Peak ski resorts.

Alleged EB-5  fraudsters Ariel Quiros (left) and Bill Stenger (at podium) have settled a federal lawsuit.
Vermont Business Magazine

Federal authorities launched an investigation into Jay Peak’s EB-5 projects nearly a year before state officials had their first inkling that something illegal was afoot. And documents on file at the Securities and Exchange Commission indicate that the agency had strong forensic evidence of a massive fraud well before the changes in state regulatory oversight that Gov. Peter Shumlin now credits for taking down the “Ponzi-like” scheme.

Clockwise from top left: Vermont Department of Financial Regulation; Alden Pellet/AP; Freeman/French/Freeman; Steve Legge/AP

The news on Thursday of major, alleged fraud in the Northeast Kingdom was a punch in the gut for Vermonters who had nurtured dreams of economic revitalization in the area. But the story is pretty complicated. If you’re coming to it cold, here’s what you need to know.

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